Renovated Brick Two-Family
For Sale
$1,199,888
Pending
3227 Griswold Avenue, Bronx, NY 10465
Updated kitchens, bathrooms, hardwood floors, finished basement, oversized garage, and separate sub-basement support flexible residential use.
Property Size3,036 SF
Days on Market175
Property Features for 3227 Griswold Avenue
General Information
Standard status
Pending
Size
3,036 SF
Property subtype
Duplex
Building Details
Building Size
3,036 SF
Year Built
1960
Listing Agency:
Greene Realty Group
(860) 560-1006
Listed By:
Derek J. Greene · License #SBR004802
(860) 560-1006
Source:
Moravilla.kw
Added: Mar 8
Changed: Aug 29
Last Checked: Aug 30 at 1:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Greene Realty Group
Investment Insights
Based on property information with market context.
This four-level brick two-family home has been renovated with new kitchens, porcelain-tiled bathrooms, contemporary fixtures, and hardwood flooring. The layout includes a three-bedroom unit over a two-bedroom unit, with spacious living areas and natural light in both residences. A finished walkout basement provides additional flexible space, while a separate-entry 600-square-foot sub-basement offers dry storage. Laundry hookups are located in the finished basement.
The property occupies an irregular 121-foot by 93-foot lot at 3227 Griswold Avenue in the Bronx. Exterior improvements include an oversized garage and a driveway accommodating 3–4 cars. Pelham Bay Park is located just blocks away, with transportation, shopping, and dining nearby. The home was built in 1960.
The property occupies an irregular 121-foot by 93-foot lot at 3227 Griswold Avenue in the Bronx. Exterior improvements include an oversized garage and a driveway accommodating 3–4 cars. Pelham Bay Park is located just blocks away, with transportation, shopping, and dining nearby. The home was built in 1960.
Key Highlights
- Two‑family layout with a 3‑bedroom unit over a 2‑bedroom unit
- Renovated kitchens, porcelain‑tiled bathrooms, contemporary fixtures, and hardwood floors
- Finished walkout basement with laundry hookup
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$77,119
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,542,380
$1.5M
Cap Rate 7%
$1,101,700
$1.1M
Cap Rate 9%
$856,878
$856.9K
Market Conditions
NOI Build-Up for 3,036 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$116.6K $38.40/SF
− Vacancy
−$6.4K −$2.11/SF
EGI
$110.2K $36.29/SF
− OpEx
−$33.1K −$10.89/SF
NOI
$77.1K $25.40/SF
Area
Bronx, NY
Vacancy
5.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,542,380
Cap Rate 7%
$1,101,700
Cap Rate 9%
$856,878
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$964.0K – $1.29M
NOI $77,119 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$997.7K
$873.0K – $1.16M
NOI $69,839 @ 7.0% cap · market cap 5.82%
Theoretical Best
Warehouse
$2.10M
$1.84M – $2.45M
NOI $147,261 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,012
Businesses Nearby
Explore this area
Business Placement
Demographics for 10465, NY
45,799
Population
17,200
Households
2.7
Avg Household Size
40
Median Age
29%
College-Educated
86%
High-School Grad
3.9 sq mi
ZIP Area
11,743
Density / Sq Mi
$90,255
Median Household Income
$52,787
Median Earnings
$1,774
Median Rent
$602,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated kitchens, bathrooms, hardwood floors, finished basement, oversized garage, and separate sub-basement support flexible residential use.
Where is this duplex located?
The property is located at 3227 Griswold Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $1,199,888.
What are key features of this property?
This property features: Two‑family layout with a 3‑bedroom unit over a 2‑bedroom unit; Renovated kitchens, porcelain‑tiled bathrooms, contemporary fixtures, and hardwood floors; Finished walkout basement with laundry hookup
